This Month
‘If I did that, I’d be in jail’: Super’s $1.2b fail has many victims
Chris Johnstone’s super account went from $524k in March to just $1998 last month. His experience reveals five red flags to watch out for with your own savings.
Macquarie among super platforms urged to pay up for $1b collapse
Insignia boss Scott Hartley says financial advisers should not foot the compensation bill following the collapse of First Guardian and Shield Master Trust.
April
CBA customer wanted to buy $30k in bitcoin. The bank wouldn’t let him
Listen to recordings of Andrew Broadbent’s calls with CBA, which refused to let him make a transfer to buy $30,000 in bitcoin.
March
Industry funds lobby for death benefits overhaul
ART, UniSuper and Cbus want the government to reform processes as the corporate watchdog prepares to release a report revealing widespread failures.
Silk, directors singled out in AusSuper death benefits failure
As ASIC chairman Joe Longo called big super the “poster child” for governance failures, the watchdog launched a case in the Federal Court against the biggest provider.
December 2024
ASIC slams insurers for gaping holes in complaints systems
“We are extremely disappointed with what we found here,” ASIC commissioner Alan Kirkland said, putting IAG, QBE and Suncorp on notice.
October 2024
The super system has to brace itself for a tsunami of retirees
Are trustees doing enough to prepare and provide the information, resources, transparency, services and support that retirees expect?
June 2024
Cbus tops list for super complaints
Cbus also paid $1 million in compensation claims to customers in the first half of the financial year.
The ghost of Dixon Advisory haunts planning industry
Financial planners are up in arms about being forced to pay out tens of millions of dollars in compensation to victims of the conflict-riddled wealth management firm.
April 2024
How this organisation prevented burnout for staff
A surge in complaints to the Australian Financial Complaints Authority led to a rethink of hiring and leave policies, adding 500 new staff to cope with the workload.
February 2024
‘Radio silence, on hold for hours’: How insurers treat their watchdog
Justin Untersteiner helps run the Australian Financial Complaints Authority. But that didn’t stop him getting “radio silence for months” and being kept “generally on hold for 2½ hours” when he tried to claim.
January 2024
Family forced to sell three of four properties as rates rise
Property investors are being lured back by rising rents and capital gains. But borrowing too much can cause a debacle.
Father left with just $4000 after trusted daughter nabs life savings
Banks are trying to clamp down on unlawful use of powers of attorney as state governments disagree on common standards. But there are ways to safeguard yourself.
November 2023
Big banks, insurers on the hook to pay Dixon Advisory compo claims
The government has set aside $250 million to help victims of misconduct. But the collapsed financial firm’s clients are out of pocket by significantly more.
Porsche driver who filmed dying police wanted on new warrants
Police are seeking help to find Richard Pusey, who was banned from the financial services industry after recording the dying moments of four officers hit by a truck after pulling him over.
October 2023
NAB backflips on home loan payments
NAB abandoned a pledge to increase monthly mortgage repayments on the 12-month “anniversary” of variable loans, after rapid interest rate rises caught it off guard.
July 2023
No local FTX reboot as ASIC cancels its Australian licence
The local arm of Sam Bankman-Fried’s collapsed crypto exchange is unlikely to re-emerge.
November 2022
Porsche driver sent offensive photos to financial services watchdog
Real estate agent Richard Pusey has been found guilty of sending graphic images of an Eastern Freeway crash to the Australian Financial Complaints Authority.
August 2022
ASIC threatens to punish super funds for ignoring member complaints
ASIC is threatening action after identifying “significant” issues with how super funds handle member complaints.
July 2022
Morgans tries to fend off AFCA probes into ex-adviser
Is a complaint too old? National stockbroker Morgans is taking on a federal complaints authority about its jurisdiction.